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Investors Met With Slowing Returns on Capital At Plexus (NASDAQ:PLXS)
Investors Met With Slowing Returns on Capital At Plexus (NASDAQ:PLXS)
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. That's why when we briefly looked at Plexus' (NASDAQ:PLXS) ROCE trend, we were pretty happy with what we saw.
Understanding Return On Capital Employed (ROCE)
For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. The formula for this calculation on Plexus is:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
0.12 = US$160m ÷ (US$3.2b - US$1.9b) (Based on the trailing twelve months to July 2022).
Therefore, Plexus has an ROCE of 12%. By itself that's a normal return on capital and it's in line with the industry's average returns of 12%.
Check out our latest analysis for Plexus
NasdaqGS:PLXS Return on Capital Employed September 19th 2022In the above chart we have measured Plexus' prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Plexus here for free.
What Does the ROCE Trend For Plexus Tell Us?
While the current returns on capital are decent, they haven't changed much. Over the past five years, ROCE has remained relatively flat at around 12% and the business has deployed 30% more capital into its operations. 12% is a pretty standard return, and it provides some comfort knowing that Plexus has consistently earned this amount. Stable returns in this ballpark can be unexciting, but if they can be maintained over the long run, they often provide nice rewards to shareholders.
Another point to note, we noticed the company has increased current liabilities over the last five years. This is intriguing because if current liabilities hadn't increased to 58% of total assets, this reported ROCE would probably be less than12% because total capital employed would be higher.The 12% ROCE could be even lower if current liabilities weren't 58% of total assets, because the the formula would show a larger base of total capital employed. Additionally, this high level of current liabilities isn't ideal because it means the company's suppliers (or short-term creditors) are effectively funding a large portion of the business.
The Key Takeaway
In the end, Plexus has proven its ability to adequately reinvest capital at good rates of return. And the stock has followed suit returning a meaningful 63% to shareholders over the last five years. So while the positive underlying trends may be accounted for by investors, we still think this stock is worth looking into further.
Plexus does have some risks, we noticed 2 warning signs (and 1 which can't be ignored) we think you should know about.
While Plexus may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
我们应该寻找哪些早期趋势来识别一只可能在长期内成倍增值的股票?在其他方面,我们希望看到两件事;第一,不断增长的退货一是关于已用资本(ROCE),二是公司的金额已动用资本的比例。如果你看到这个,通常意味着它是一家拥有出色商业模式和大量有利可图的再投资机会的公司。这就是为什么当我们短暂地查看丛状‘(纳斯达克:PLXS)ROCE趋势,我们对所看到的相当满意。
了解资本回报率(ROCE)
对于那些不确定ROCE是什么的人,它衡量的是一家公司可以从其业务中使用的资本产生的税前利润。此计算公式在Plexus上为:
已动用资本回报率=息税前收益(EBIT)?(总资产-流动负债)
0.12=1.6亿美元?(32亿-19亿美元)(根据截至2022年7月的往绩12个月计算).
所以呢,丛的ROCE为12%。这本身就是正常的资本回报率,与该行业12%的平均回报率一致。
查看我们对Plexus的最新分析
NasdaqGS:PLXS 2022年9月19日的资本回报率在上面的图表中,我们衡量了Plexus之前的ROCE和它之前的表现,但可以说,未来更重要。如果你愿意,你可以在这里查看分析师对Plexus的预测免费的。
Plexus的ROCE趋势告诉我们什么?
虽然目前的资本回报率还不错,但变化不大。在过去五年中,净资产收益率相对持平,保持在12%左右,该业务在运营中投入的资本增加了30%。12%是一个相当标准的回报率,知道Plexus一直都能赚到这个数字,这让人感到些许安慰。这样的稳定回报可能并不令人兴奋,但如果它们能够长期保持下去,它们往往会为股东提供丰厚的回报。
另一点需要注意的是,我们注意到该公司在过去五年中增加了流动负债。这很耐人寻味,因为如果流动负债没有增加到总资产的58%,这个报告的ROCE可能会低于12%,因为使用的总资本会更高。如果流动负债不是总资产的58%,ROCE可能会更低,因为公式将显示使用的总资本的基数更大。此外,这种高水平的流动负债并不理想,因为这意味着该公司的供应商(或短期债权人)实际上正在为很大一部分业务提供资金。
关键的外卖
最后,Plexus证明了自己有能力以良好的回报率进行充分的资本再投资。在过去五年里,该公司股票也纷纷向股东返还了63%的回报。因此,尽管投资者可能会解释积极的潜在趋势,但我们仍然认为这只股票值得进一步研究。
丛确实有一些风险,我们注意到了2个警告标志(还有一个不容忽视)我们认为你应该知道这一点。
尽管Plexus目前的回报率可能不是最高的,但我们已经编制了一份目前股本回报率超过25%的公司名单。看看这个免费在这里列出。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
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